MINNEAPOLIS, July 28, 2016 (GLOBE NEWSWIRE) -- GWG Holdings, Inc. (Nasdaq:GWGH), a specialty finance company and a leading purchaser in the life insurance secondary market, announced GWG Life, LLC (“GWG Life”), the subsidiary company that purchases life insurance policies, has been granted licenses in Montana and New Hampshire.
The licenses enable GWG Life to purchase life insurance from seniors in Montana and New Hampshire who no longer need, want, or can afford their policies. The company holds similar licenses in 36 of the 42 states that require them. Including states that do not require licensure, GWG Life’s reach now covers over 98 percent of the U.S. population.
“GWG is committed to providing seniors with a fair market value for life insurance policies they aren't going to keep,” said GWG President Michael Freedman. “Seniors can convert that market value into a cash sale or, often times, they can keep a portion of their policy for loved ones and eliminate future premiums.”
Several research studies have shown that seniors typically receive four to 11 times more from the sale of a policy than they would receive from surrendering it back to the life insurance company. Seniors often use the proceeds to fund their retirement, long-term healthcare, or other financial planning needs.
In addition to a cash settlement, GWG Life offers seniors the option to retain a portion of the face value benefit for their beneficiaries, without having to make any additional premium payments. This can be a valuable solution for those seniors who want to maintain some death benefit protection for their spouse, children, or others.
From January 1, 2015 to March 31, 2016, GWG purchased nearly 200 life insurance policies with $300 million in total face amount of policy benefits. A substantial part of this growth is due to the partnerships GWG has with insurance and financial advisors. These professionals are instrumental in educating policyholders about the life insurance secondary market and helping them realize the market value of their policy by selling it or opting for a retained benefit settlement.
For more information about cash and retained benefit settlements in the life insurance secondary market, email info@gwglife.com or call 1-877-494-2388.
About GWG Holdings, Inc.
GWG Holdings, Inc. (Nasdaq:GWGH) is a specialty finance company and a leading purchaser in the life insurance secondary market. GWG is dedicated to creating a vibrant life insurance secondary market for the economic benefit of seniors seeking post-retirement financial solutions, investors seeking yield derived from non-correlated assets, financial advisors seeking value-added products and services for their clients, and shareholders seeking to benefit from the growth of this marketplace. As of March 31, 2016, GWG’s growing portfolio consisted of over $1.0 billion in face value of benefits. Since 2006, GWG has purchased nearly $2 billion in life insurance policy benefits and paid seniors over $335 million for their policies.
For more information about GWG Holdings, email info@gwglife.com or visit www.gwglife.com.
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This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives of management are forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "would," "target" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about our estimates regarding future revenue and financial performance. We may not actually achieve the expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the expectations disclosed in the forward-looking statements we make. More information about potential factors that could affect our business and financial results is contained in our filings with the Securities and Exchange Commission. Additional information will also be set forth in our future quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that we make with the Securities and Exchange Commission. We do not intend, and undertake no duty, to release publicly any updates or revisions to any forward-looking statements contained herein.
Media contacts:
Rose Reifsnyder
Sr. VP, Marketing
GWG Holdings, Inc.
(612) 746-0941
rreifsnyder@gwglife.com
Betsy Taube
G&S Business Communications
(919) 870-5718
btaube@gscommunications.com